Interest rates: why the Federal Reserve and Bank of England should still raise them (a bit)

What will the Federal Reserve and Bank of England do with benchmark interest rates in the wake of the banking crisis? Traditionally, controlling inflation has been the prime mandate of central banks.

With annual inflation hitting double digits in the past year, many central banks have been hiking interest rates to try and bring it under control. The European Central Bank (ECB) raised its main rate from 2.5%…

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